Yesterday was a great day for price discovery. One area (1361-1363) got hit and the other (1343) got exceeded. The pre-market SPXU trade was a big winner. I hedged it at 4%, buying SPY 134 calls at 3:34pm and sold them at 4:11pm EST.
The way the S&P is structured now, it is possible that yesterday's 1361.54 high can be re-tested. I will be looking for spots to get long again against the SPXU position which I will continue to hold. Below 1334.40 could mean considerable new lows (possibly 1300). I find Wednesdays to be either one-way or whacky.
Today all eyes and ears will be on the Fed minutes at 2pm EST. I will be watching the S&P, the dollar, gold, and oil.
No comments:
Post a Comment